Coronation Fund Managers Ltd. Makes New Investment in On Holding AG (NYSE:ONON)

Coronation Fund Managers Ltd. bought a new position in shares of On Holding AG (NYSE:ONON) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm bought 44,436 shares of the company’s stock, valued at approximately $1,572,000.

Several other hedge funds have also recently bought and sold shares of ONON. Orion Capital Management LLC raised its holdings in shares of ON by 1,100.0% in the fourth quarter. Orion Capital Management LLC now owns 1,200 shares of the company’s stock valued at $32,000 after purchasing an additional 1,100 shares during the last quarter. VisionPoint Advisory Group LLC acquired a new position in ON during the fourth quarter worth $32,000. Global Wealth Management Investment Advisory Inc. acquired a new position in ON during the fourth quarter worth $33,000. Spire Wealth Management increased its holdings in ON by 66.2% during the fourth quarter. Spire Wealth Management now owns 1,615 shares of the company’s stock worth $45,000 after buying an additional 643 shares during the last quarter. Finally, Rakuten Securities Inc. acquired a new position in ON during the fourth quarter worth $47,000. 33.11% of the stock is currently owned by institutional investors and hedge funds.

ON Trading Down 1.5 %

NYSE ONON traded down $0.57 during trading on Wednesday, hitting $36.63. 3,768,111 shares of the company’s stock were exchanged, compared to its average volume of 5,215,859. The company has a market cap of $23.06 billion, a PE ratio of 84.56, a P/E/G ratio of 1.11 and a beta of 2.22. On Holding AG has a fifty-two week low of $23.41 and a fifty-two week high of $44.30. The stock’s 50 day moving average price is $38.52 and its two-hundred day moving average price is $33.59.

ON (NYSE:ONON) last issued its earnings results on Tuesday, May 14th. The company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.12 by $0.20. ON had a return on equity of 11.13% and a net margin of 6.46%. The firm had revenue of $581.41 million during the quarter, compared to the consensus estimate of $555.52 million. Analysts forecast that On Holding AG will post 0.78 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on ONON shares. Telsey Advisory Group lifted their price objective on shares of ON from $40.00 to $47.00 and gave the stock an “outperform” rating in a research report on Friday, June 7th. TheStreet cut shares of ON from a “c” rating to a “d+” rating in a research report on Monday, March 18th. Truist Financial reaffirmed a “buy” rating and set a $46.00 price objective on shares of ON in a research report on Tuesday, June 18th. Piper Sandler boosted their target price on shares of ON from $37.00 to $39.00 and gave the company an “overweight” rating in a research report on Thursday, March 21st. Finally, The Goldman Sachs Group boosted their target price on shares of ON from $41.00 to $47.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Three investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $42.53.

ON Profile

On Holding AG engages in the development and distribution of sports products worldwide. The company offers athletic footwear, apparel, and accessories for high-performance running, outdoor, training, all-day activities, and tennis. It offers its products through independent retailers and distributors, online, and stores.